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the math and we all absolutely agree on the math that you can't get out of the deficit hole we're in by taxing rich people, even if you tax them at 100%. everybody knows that. when republicans say we don't have a tax problem, we have a spending problem, the fact is we've got both and we can deal with that. let me ask you this. you gave your bletszing ing bl proposal that john boehner put forward. so many congressional republicans are scared of voting for something that feels like, looks like, smells like a tax increase because they're worried your organization will come back to haunt them because you signed a pledge. you gave your blessing and they still couldn't get the votes on the floor. what's up with that? why did that not happen? a week ago i was hopeful we might have a deal. >> okay. because the pledge is not to me. it's to the american people. it's to the people of the state that any congressman or senator is from. they have to feel that they can go to their constituents and say i voted against all efforts to raise taxes. i argued having read the boehner plan, it was s
to our deficit in this country is rising health care costs. do we need to tangle those? how do they interact with the changes that are going to be set up across the country. is it going to cost the taxpayer more or less? all those have to be in the realm of realistic facts and figures. >> you're in arizona today. many of your constituents worked over the holidays. do you think congress should have stayed in washington to work for an agreement? >> absolutely. absolutely. once you know, once the boehner plan "b" collapsed, all we got was a notification, you can go home. we'll call you when we're ready. boehner's got to get off -- the majority of the majority must agree to something. it's going to take democratic votes to pass a tough fiscal compromise and unless there is inclusion and discussion on both sides of the aisle about this issue, that compromise gets tougher and tougher. >> thank you for coming "outfront." >> appreciate it. thank you. >> now, on the other side of the aisle. republican congressman of wisconsin. congressman, you just heard your arizona colleague say you a
that they have worked with me over the last two years. to reduce the deficit more than any other deficit reduction package. >> mohammed aladarin is the ceo of pimco and mark zandy is a chief moist at moody's analytics and joining me in studio is christine romans. the gdp for the u.s. grew at 3.1% over the summer. that's more than double the rate of the previous quarter. you can see the chart, it's been choppy, but it looks like we're going in the right direction. america's economy is gaining pace, doing better than expected. and we've been saying the 2013 could be the year of a real economic renaissance in the united states or at least the beginning of one. talk to me about the consequences to our prosperity if washington doesn't reach a deal. >> the consequences are not good. so what the numbers are telling you is that the private sector is healing. and if the private sector were left to its own devices, it would heal faster. unfortunately, washington is getting in the way. and what we find out this week, ali, is that the problem is not just a lack of trust between democrats and republi
on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> congress is also in recess until after christmas. in his weekly address, house speaker john boehner accused the president and senate democrats of failing to offer a responsible solution. boehner's own proposal had to be pulled this week after he failed to get enough support from fellow republicans. >>> and the national rifle association promised meaningful contributions to avoid another tragedy like the one in newtown, connecticut. friday, the gun rights group unveiled that plan. nra executive vice president wayne lapierre says the u.s. should put armed guards in all schools. the comments came one week after 20 children and seven adults excludeing the gunman were killed in one of the worst mass shootings in u.s. history. >>> and what was a poorly guarded secret in washington, john kerry nominated to the next secretary of state. susan rice was believed to be the first choice, but she pulled her name out of the running after several members of congress attacked her responses to the
. >> they could have had a more popular message about cutting deficit spending, right? >> the truth is they would have been a lot better off taking the deal that boehner was negotiating with president obama way back when. it was a better deal all the way around. they missed that moment. but i think the real thing is who pays the price. the people who are going to pay the price are the americans, the middle class. this is crazy. it's nuts to be putting us through this. >> all of the focus on tax cuts. but the revenue from increasing the taxes on the wealthy will barely make a debt in the deficit to say nothing of the trillions in debt we're talking about. is this just a symbolic fight this the president is determined to win off his election? >> it's not symbolic. there will be money raised if the taxes are left to expire. but let me just bring up a point. no democrat and certainly not this president has said there should be no spending cuts. on the contrary this president has put on the table an extraordinary amount of spending cuts to the chagrin of many democrats i might add. are they to the ext
deficit spending, right? >> the truth is they would have been better taking the deal that john boehner negotiated with president obama way back when. they missed the moment. i think the real fear is who pays the price. i think the republicans has a point but will pay the price and the real people that will pay the price are the americans, the middle class. it is crazy to put us through this. >> all of the focus on tax cuts but the revenue from increases the taxes on the wealthy will barely make a dment the deficit to say nothing of the trillions of dollars in debt we are talking about. it is a symbolic fight the president is determined to win off of his re-election. >> it is not symbolic. there will be money raised if the tacks for the top 2% are left to expire. let me bring up a point. no democrat and certainly not this president, has said there should be no spending cuts. on the contrary. this president has put on the table quite an extraordinary amount of spending cuts to the sh grin of many democrats, i might add. are they to the extent the grand bargain was several months ago last
, and lays the groundwork for further work on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> reporter: you hear we are talking about the words "achievable goals." the reality here is we have fewer days to work with, less talk about some sort of a grand compromise, and more talk about trying to do something to get things done for americans. randi? >> what do you make of the language and tone? i mean, is any sense of a deal sort of evaporating judging from what we're hearing from both sides, tough talk? >> at the very least, we aren't hearing a lot of warm words between the two toward each other. we know they've been working on this for weeks. you just don't hear that thawing when you hear them talking as they did just within the past 24 hours. shows a lot of work to be done in the next few days. how much is behind the scenes when they're divided geographically is the part we don't know. >> yeah. the president certainly also asking -- suggesting that everyone needs time to cool down. will this new proposal pass with republicans, do you think?
and there will still be an enormous amount of work to do both on deficit reduction and tax reform, not to mention dealing with massive spending cuts which by most accounts are not likely to be involved in the agreement. don't know that for sure, but that's our understanding going in, martin. >> i think it's a safe bet. both sides have different wants. so what's holding these two sides apart when the this he know that so very much is on the line for everyday americans? >> it's a great question. i mean, what's really holding them apart are massive ideological differences. this is about government's role in your life. democrats want more of a social safety net, republicans prioritize lower taxes. and that's what distinguishes the democratic and the republican parties sop so that's what they're fundamentally fighting about. if you break it down to the basic deal points right now, democrats say this smaller deal should include a tax increase for households that make $250,000 and more. an extension of unemployment benefits as you pointed out for about 2 million americans, a delay of those massive spend
that the government reduce its deficit as a condition for raising the debt ceiling. both democrats and republicans earth tactics that shut down the government and ultimately cost america its aaa credit rating for the first time in history. but in a last-minute compromise, both sides agree to a trillion dollars in spending cuts up front and another $1.2 trillion in cuts to be decided by a special congressional supercommittee. but a poison pill was attached. if the supercommittee can't reach a deal, automatic across the board cuts known as a sequester would go into effect be at the exact moment when those bush tax cuts extended for two years would expire. so the point is we could have all seen this coming and some of us did. we yelled at the top of our lungs about it but were drowned out by the election. it seems that good governance gets drowned out by continuous elections in america. this time there may be a serious price to pay for it. >> if we go off the fiscal cliff, be will you notice an immediate change to your wallet? we want to get a reality check from stephen moore, a member of the wall st
for a job and lays groundwork for more economic growth and deficit reduction. >> just moments ago, senator harry reid says he's readying a bill for a vote by monday. all this follows a rare face-to-face closed door meeting at the white house today between all the key players, the president, the vice president, the treasury secretary and all four congressional leaders huddled together with just four days to go before we all go overs fiscal cliff. that meeting lasted for an hour and five minutes. on a story where every second and every maneuver counts, let's get chief to white house correspondent jessica yellin. jessica, the president says he's modestly optimist being but each also presented a backup plan. does the president really think it will come to that? >> at this point, no, they don't, john, because the white house is hopeful that the agreement that the senators are working on can actually move forward after the meeting here. there is a modest uptick in enthusiasm about that possibility. but as forts backup plan, there's no real likelihood that would ever come to a vote because republ
. that was for a group called the can kicks back. it was to raise awareness about deficit and debt. >> what was awesome about that >> everything. >> roland is right. there was nothing awesome about that. as a matter of fact, roland is right, john. there's nothing right. nothing. >> john's problem is inside, he's a very old man, too. i mean, it proves old people should really -- really old people should never use social media. >> an old man who is in debt and deficits. >> he's going to do the hammer dance? >> alan sem son impson is one o great public servants who will say or do whatever it takes to get people's attention on issues that really matter. skip and this group that sponsored it is the can kicks back. it's not 200 million views. >> i wish we could see al franken dancing in a unitard to fight violence against women. >> make the cut. >> senator franken. >> >> who picked the list? >> we all did it "outfront." >>> up next, a rust belt bright spot in 2013. we're going to take you there, next. [ male announcer ] rocky had no idea why dawn was gone for so long... ...but he'd wait for her forever, for
for further work on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> the president's solution of raising tax rates would still leave red ink for as far as the eye can see. and it would hurt jobs at a time when far too many of our citizens are struggling to find them. >> reporter: the difference now, miguel, is in discussion is this for small package that would really only deal with making sure these tax increases don't happen and that these unemployment benefits are extended as the white house sees it. but the bigger issue of trying to deal with deficit reduction of entitlement reform, tax reform that is being put on the shelf right now. >> kicking the can down the road, i suppose. if there is no deal, will workers see extra taxes coming out of their paychecks starting january 1? >> that's the thing. technically taxes increase on january 1st. but if you were looking at your paycheck and trying to figure out am i going to be seeing this here just a matter of a couple weeks, no, actually. we wouldn't expect that you would be seeing your taxes in
deal, $3 trillion, $4 trillion, would take some long-term sort of whacks at the deficit problem, to talk about something small here over the next five or six days, just raising the taxes on -- and no real entitlement cuts. latourette said when he left that there would be republican votes in the house for this measure, if there was a spending piece, and he said it had to be about two to one. that isn't on the table yet. they have a ways to go to get to that arrangement and so i think it will be, you know -- >> the world on the other side of the cliff is probably more difficult for republicans than democrats. as you pointed out in your question, if there is stalemate taxes go up on everyone. you know, that would take it -- there are some people that say that's the best outcome going back to the clinton tax rates. it takes a huge bite out of the deficit, but on balance neither side wants to do that today, but, you know, for republicans i think that's a tougher world to swallow. many suggest if you go over the cliff, they come back and then have to agree to extend the tax rates for
to a head in the summer of 2011. republicans demand the government reduce its deficit as a condition for raising the nation's debt ceiling. without a deal, the u.s. would lose its ability to borrow money. both democrats and republicans deploy scorched earth tactics that nearly shut down the government and ultimately cost america its aaa credit rating for the first time in history. >>> but in a last minnesota minute compromise, both sides agree to $1 trillion in spending cuts up front, and another $1.2 trillion in cuts to be decided by a special congressional super committee. but a poison pill was attached. if the super committee can't reach a deal, automatic across the board cuts known as the sequester would go into effect, starting january 2013. at the exact moment when those bush tax cuts extended for two years, if you remember, would expire. so the point is, we could have all seen this coming and some of us did. we yelled at the top of our lungs about it, but we were drowned out by the election. it seems common sense and good governance often get drowned out by seemingly endless a
of deficit reduction as well as dealing with these tax hikes that are set to kick in. that's not what's going to be happening, instead, he's pressing for something smaller just to a deal with stopping those tax hikes from kicking in for americans making $250,000 per year or less. and also trying to make sure that unemployment benefits are extended. listen to what president obama said last night and also listen to what some of the house republican resistance from speaker boehner to his sort of short-term plan here. >> in the next few days, i've asked leaders of congress to work towards a package that prevents a tax hike on middle class americans, protects unemployment insurance for 2 million americans, and lays the groundwork for further work on both growth and deficit reduction. that's an aachievable goal. that can get done in ten days. >> the president's solution of raising tax rates would still leave red ink as far as the eye can see and it would hurt jobs at a time when far too many of our citizens are struggling to find them. >> reporter: but so now, miguel, the plan is to just deal with
in the deficit. is this president has put on the table quite an extraordinary amount of spending cuts to the shagrin of democrats i might add let's remember that this president has never walked away from the bargaining table. republicans will get the blame but does that mean that we shouldn't try? >> no. americans are the ones that are going to be hurt if the middle class families. there is a bill where the house could pass it to protect the majority of america's middle class families. which is a worse fate or voting to increase taxes on wealthy americans. they can come back and cut taxes in the new year and look good. >> it is not what looks worse. it is what is worse for the american people? >> doesn't that seem to be what they are worried about? >> to your point about tax increases, what we are looking at now, it is like a mortal wound gushing out of our chest. they come along and put a ban dade on our forehead. we need to not just raise taxes. if we give the president every tax increase that he wants. we need to address the spending. >> and the president has addressed that. no one
is still available for 2 million people on that lays the groundwork for additional deficit reduction on economic growth steps that we can take in the new year but let's not miss this deadline. >> as for the two senate leaders, they spoke shortly after the meeting on sounded a bit more hopeful than the president. >> i think it was a very positive meeting. there was not a lot of hilarity in the meeting. everyone knows how important it is. it's a very serious meeting on it took an extended period of time, as you all know waiting for us. >> mr. president, i would just add -- i share the view of the majority leader, we had a good meeting down at the white house. we are engaged in discussion, the majority leader on myself on the white house >> -- so i'm hopeful. >> the american people are watching what we do here. obviously their patience is already thin. this is deja vu all over again. america wonders why it is that in this town for some reason you can't get stuff done in an organized timetable. why everything always has to wait till the last minute. well, we're now at the last minute and
and deficit reduction. that's an achievable goal. that can get done in ten days. >> yesterday the house speaker john boehner failed to garner enough support from his own party to even hold a vote on his plan to raise taxes for those with an income over $1 million. >> while we may have not been able to get the votes last night, to avert 99.81% of the tax increases, i don't think they weren't taking that out on me. they were dealing with the perception that somebody might accuse them of raising taxes. >> "outfront" tonight, chief white house correspondent jessica yellin and dana bash. ladies, nice to see both of you. jessica, we'll start with you. the president's message was short and sweet and kind of basic. what do you think is different this time around in what he is saying? >> well, what's different is it is less than two weeks until the new year and the president is about to leave for hawaii, and congress is going to be gone for christmas, too, and you know there is no more effective motivator for capitol hill than pressure, and they have it right now. what the president has done tod
with deficit reduction that would have dealt with these tax hikes, spending cuts, trying to work out a plan for entitlement reform and tax reform. what's now being worked out is to avert those tax hikes. as president obama wants it, he wants it up to folks earning $250,000, and also wants to deal with unemployment insurance getting that he can extended for unemployed americans but that bigger stuff kicked down the road. >> brianna, will americans actually see their paychecks affected january 1st without a deal? >> reporter: if no deal, that is not expected. technically, the tax hikes would go into effect then, don. but there would be a whole lot of pressure on washington to act, even if we were to go over the fiscal cliff. and because of that, payroll processors would wait to use the new math, if you will. and a lot of people wouldn't see an increase in the taxes taken out of their paychecks until late january or early february when it was clear that the fiscal cliff was here to stay. >> brianna, i am not by nature a jealous person at all. but are you in waikiki? is that waikiki? because i
on the medium term deficit. >> people on the left this whole idea of comprehensive tax reform unleashing economic growth is nonsense. is that -- >> most of the evidence suggests that there is some benefit from a more sensible tax code. i think in 2013 itself, we have larger problems in the sense of inadequate demand, but i think it's hard to argue that we wouldn't do somewhat better with a more sensible tax code. >> one piece that you've been pushing is a consumption tax as part of this comprehensive tax deal. you know that a lot of economists think it is a good idea. we should tax consumption and get the savings rate up. it seems politically dead on arrival. i think paul voker mentioned it and in response 96 senators passed a sense of the senate resolution that this was an evil idea. >> here's the way i look at it. we're not going to get a consumption tax in this discussion this year and not next spring either. the reason it's inevitable, on the republican side, it is the way to slowly do tax reform. peter's right, reforming the income tax is very, very hard. it is also the only way to
to the clinton tax rates. it takes a huge bite out of the deficit, but on balance neither side wants to do that today, but, you know, for republicans it's a tougher pill to swallow. many suggest if you go over the cliff, they come back and then have to agree to extend the tax rate for everybody below some number. >> that debt deal turns out to be brilliant or something. >> what matter is the simpson boles commission which president obama didn't want to appoint and pay attention to, that's front and center. the blueprint for how we move on. these two guys took on a task that was a fool's errands we thought, what happens to the commissions, nothing. we go back to them. >> let's talk about the die nam in this case between senator reid and mcconnell. can they come up with something up with something that the senate would pass and also something the house would pass? >> they have to try by new year's eve here. >> three days, four days. >> interesting that senator reid said he would like neal abercrombie to appoint the replacement for daniel anyway. reid thinks he'll need that vote. they'll prob
it was established. but $90 million is not that much, especially when you consider the federal deficit is $16 trillion and climbing. to retire the debt, every single american would have to pay $50,000. but garcia says you got to start somewhere. especially when washington won't. the partisan bickering has bothered him since 1992, when garcia first wrote his congressman, suggesting a formula to eliminate the debt. the depression-era kid and army vet says he wants to give back to a country that has given him so much, a feeling that is infectious. he knows his money wouldn't avert the fiscal cliff. but that is not the message garcia is sending to congress. >> in order to really solve the $16 trillion national debt, you have to sacrifice. >> reporter: politicians talk about kicking the can down the road. one american that is decided that road has to end. and it might as well be here. kyung lah, cnn, san antonio, texas. >>> you have to love that story. and a lot of us lived this one, the wild ride to election day, 2012. cnn national political correspondent jim acosta has more on the story. >> repo
circumstances. things come to a head in the summer of 2011, republicans demand the government reduce the deficit as a condition for raising the nation's debt ceiling. without a deal, the u.s. would lose the ability to borrow money. both democrats and republicans deploy scorch earth tactics that nearly shut down the government and ultimately cost america its aaa credit rating for the first time in history. but in a last-minute compromise, both sides agree to $1 trillion in spending cuts up front and another $1.2 trillion in cuts to be decided by a special congressional super committee. but a poison pill was attached. if the super committee can't reach a deal, automatic across the board cuts known as the sequester would go into effect starting january 2013. at the exact moment when those bush tax cuts extended for two years, if you remember, would expire. so the point is, we could've all seen this coming and some of us did. we yelled at the top of our lungs by it, but we were drowned out by the election. it seems common sense and good governance often get drown out by seemingly endless and continu
and deficits. >> he's going to do the hammer dance? >> he's one of these great public servant who will say or do whatever it takes to get people's attention on issues that really matter. and this group that sponsored it is the can kicks back. it's not 200 million views. >> i wish we could see al franken dancing in a unitard to fight violence against women. >> make the cut. >> who picked the list? >> we all did it "outfront." >>> up next, a rust belt bright spot in 2013. we're going to take you there, next. last chance to get the best deals of the year on america's freshest lineup. hurry in for the great mileage. hurry in the latest technology. the clock is ticking. so hurry to the final 100 hours of ford's year end celebration. before everything's gone. and one more thing...hurry. get a focus with 2000 cash plus 500 year end bonus cash with no charge sync and sound during the final hundred hours of the ford year end celebration. only at your local ford dealer. >>> well, washington's division and dysfunction threatened our economic recovery, some american cities are working their way back a
house doesn't reach a deal to reduce the deficit, automatic spending cut goes into effect and taxes practically on everyone will go up come first of the year. we want to focus on the tax part of the equation and joining us is todd shownen berger, managing partner at land colt capital. todd, many people will be hit with the alternative minimum tax if no deal is struck. what exactly is is that and how will it affect me, you, everybody across the country? >> the amt, alternative minimum tax was put in place by congress, actually meant for the very wealthy of america, the very wealthy tax filers so that they were not taking full advantage of too many deductions and credits. the problem is there was never indexed for inflation so each year, congress those pass an exemption so therefore it protects middle class families. but it's part of the entire fiscal cliff negotiation, nothing has been passed. so we are looking at maybe 30 million americans, 30 million to 100 americans that could be deeply impacted by the time springtime rolls around. >> what about other tax cities in understand ther
the ground work for deficit reduction and economic growth steps that we can take in the new year. but let's not miss this deadline. >> as for the leaders they sounded a bit more hopeful than the president. >> i think it was a very positive meeting. there was not a lot of hilarity in the meeting. everyone knows how important it is. it is a very serious meeting and it would take an extended period of time as you know, waiting for us. >> i share the view of the majority leader. we had a good meeting down at the white house. we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference, and the majority leader can make to his conference. and so we'll be working hard to try to see if we can get there in the next 24 hours. and so i'm hopeful and optimistic. >> sounds good, but also sounds familiar, right? senator reid says a vote could happen on monday, but people have heard so much talk about the crisis but seen precious little action. the president tonight,
social media. >> an old man who is in debt and deficits. >> he's going to do the hammer dance? >> he's one of these great public servant who will say or do whatever it takes to get people's attention on issues that really matter. and this group that sponsored it is the can kicks back. it's not 200 million views. >> i wish we could see al franken dancing in a unitard to fight wviolence against women. >> make the cut. >> who picked the list? >> we all did it. >> up next, a rust belt bright spot in 2013. we're going to take you there, next. and would always be there with the biggest welcome home. for a love this strong, dawn only feeds him iams. compared to other leading brands, it has 50% more animal protein. ...to help keep rocky's body as strong as a love that never fades... if he ever lets her leave again. iams. keep love strong. [ sniffs ] i took dayquil but my nose is still runny. [ male announcer ] truth is, dayquil doesn't treat that. really? [ male announcer ] alka-seltzer plus fights your worst cold symptoms, plus it relieves your runny nose. [ breathes deeply ] awesome. [ mal
deficit with china hit another record in 2011 with the value of chinese imports rising to almost $400 billion. but u.s. exports to china are also hitting record highs. >> china is now our third largest export market. and i don't think a lot of americans realize that. >> reporter: in fact, since the year 2000, 47 states have reported at least triple-digit export growth to china. including minnesota. the home of red wing shoes. >> china exports red wing shoe company have really taken off in the last five years. >> reporter: for red wing, the key is quality control. it says chinese-made products just don't measure up. >> the boots don't last as long. we are known for our leather. it's just a higher quality leather that's appreciated by that chinese customer. >> reporter: back in new york, fashion designer patrick ervel says his growing chinese fan base looks not only for quality but designs they can't find at home. >> now there is a bit of a cache, not just an american designer, but if you're manufacturing here, especially in menswear. >> reporter: why? >> just this idea of made in ameri
. there are basically three pieces to solving the deficit, right? one is spending and we have agrowed to $1.6 trillion in spending cuts in the last two years and the other is spending cuts. we put forth spending cuts of over $700 billion. not cutting care to seniors, but cutting overpayments to insurance companies. the burden of the deficit must not just be on the middle class. the wealthy have to kick in. we sent a bill to the house in july that says 98% americans, income up to 240,000 would continue to get tax cuts. above that, people would may more. they made excuses, the bill wasn't right. we have the bill in the house, the bill in the senate. the bottom line is when the speaker put on the floor last week the bill that would say, okay, how about everybody up to $1 million gets a tax cut. couldn't even pass that. we're stuck. we're really stuck. >> the house gop said they put a bill forward in august. so everyone sort of covering themselves saying we got a bill. we didn't ask to go over the fiscal cliff. i'm kind of glad at 3:00 this afternoon, both sides of the house leader smip and house are meet
looking for a job, and lays the groundwork for future progress on more economic growth and deficit reduction. i believe such a proposal could pass both houses with bipartisan majorities as long as these leaders allow it to come to a vote. >> for the republican side, senator roy blunt of missouri who struck a more partisan tone is shifting blame to democrats. >> the republican-controlled house has taken the step in the right direction. the house has passed bills to protect all americans from burdensome tax increases. in addition, they passed legislation to replace damaging across the board spending cuts with responsible targeted ones. and to bring our nation's record debt under control. but instead of working across the aisle and considering the house-passed plan to protect taxpayers, senate democrats have spent months drawing partisan lines in the sand. >> and all of this gridlock in washington has actually helped the current congress make history. not sure if it's the history they want to make because it would be the most unproductive year ever. a review by the "huffington post,"
news is i don't think it many will have meaningful deficit reduction. i think this is just going to keep dragging on and on. >> in your book, you advocate for raising the capital gains tax, which could make wall street owe a lot more money than it does now. >> yes. right. >> that's discussed as part of a fiscal cliff deal, but many believe that will end up hurting the economy, giving a disincentive to invest money? was that just focused on the real wealthy? >> i hear that argument a lot. number one is, i'm really tired of our tax policy decisions. you know, everything, being made by what the market's going to do in the next quarter. this is about aberration of the tax code and grossly unfair. say they raise top tax rate to 39.6% for those making more than $500,000. that means a lot of small businesses will are paying that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20, even 24, depending where they put it. it's not an issue of penalizing investment income. it's an issue of penalizing labor, and those who make their income through wages.
, realistically can there be a grandiose bill that will attempt to solve our spending, deficit problem, with the overall framework? or talking about a band-aid? >> personally, i don't think we'll get the big plan in the next six days. it would be great if we could. >> the whole enchilada. but at least if we can get an appetizer -- no, seriously. if we can get assurance that realistic work is being done to provide tax relief, regulatory relief. the two big laws passed previously in 2010. affordable care act, well intentioned, very costly and those are posing problems too. >> earlier this week, we spoke with grover norquist. you signed the pledge not to sign taxes. >> i did. >> he supported speaker boehner's plan "b" and said it wouldn't violate his pledge. here's what he told us earlier this week. listen. >> i think in fact, plan "b" is a good step to protecting tax cuts for everybody. >> if you look at current law, current law says as we all know, part of the fiscal cliff '01, '03 tax relief measures will expire on january 1st. at this point, everybody's taxes go up. we all know that.
deficits upwards of $1 trillion, which we simply can't afford. we've got $16 trillion worth of debt. if we go through this cliff, it will force our country to have to cut spending. on the flip side, it means higher taxes out of everyone's pocket at a time when the economy is still on fragile ground, showing some signs of recovery. we've got some good ones this week, randi, but still on fra g fragile ground and people are worried if surm consumers have less money to spend it will take a toll on this economy. >> i know you're reading the tea leaves. what are they telling you? will we have a deal in time? >> it's interesting. about 66% of investors pulled by uvs, the swiss bank, say that they believe a deal will happen. i can tell you the people i talk to on my show every day, they're placing bets one way or the other. the majority think there's a real good chance that we blow right through this. that we actually go right through it and they're hedging their bets in the investment community. they're not confident that the lawmakers will get it done and it may take some huge market event to r
't that much, especially when you consider the federal deficit is $16 trillion and climbing. to retire the debt, every single american would have to pay $50,000. but garcia says, you got to start somewhere. especially when washington won't. the partisan bickering has bothered him since -- >> 1992. >> reporter: that's when garcia first wrote his congressman, suggesting a formula to eliminate the death. the depression era kid and army veteran says he's giving back to a country that's given him so much. a sense that's infectious. his daughter is now collecting cabs at work. his grandson drives garcia to friends' houses, just to collect more cans. garcia knows that his monthly money orders won't avert the fiscal cliff, but his priest says that's not the message garcia's sending to congress. >> in order to really solve the $16 trillion national debt, you have to sacrifice. >> reporter: politicians talk about kicking the can down the road. one american has decided that road has to end, and it might as well be here. so if you want to be, like his granddaughter says, be like grandpa, you can google the
in terms of the deficit. nationally, you got all these people in the earlier segment playing blame game in washington. guess what? when you're spending more money than you pull in, eventually the money runs out. then you can blame all you want. but there is no money. for basic services, like police, like good education, all that stuff. they don't care about that. they spend the money on what they want to get elected. >> when you're saying that the previous mayor spent all the money, you're talking about mayor daly. rahm emanuel is in place now. >> right. >> he spent all the money on what? and then, two, what is the realistic proposal here to reverse the violence? >> well, over 20 years i can give you a laundry list of corruption and cronyism. but you know it well because you were here as well. and you saw it. there was a reporter once for "time" doing a cnn profile, comparing richard daly to andy of maybury and said he presides over chicago like andy of maybury. now that reporter is the press secretary for president obama. so there had been -- not you, obviously, but there had been peop
that getting the debt and deficit under control is in the interests of younger generations so they are not saddled with debt solely for our current consumption. but how we get there matters an awful lot. if you raise taxes on people at the top, that affects people mostly in their peak earning year, late 40s to their late 50s. if you focus the spending cuts on discretionary spending which is what we've done so far, you squeeze investment thes in the next generation. education, infrastructure, research. there really needs to be a balance both between taxes and spending and then on the spending side between restraining discretionary spending and restraining entitlements which are aimed at today's seniors. >> so many times we've heard talk about generational warfare between old and young. but this is a little bit different. >> right. first of all, there is no -- today there is generational warfare more in the opposite direction. the polls show that young people by and large are willing to pay for entitlements for today's seniors. what's eroded is the willingness of today's senior
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